The Greater Las Vegas Association of Realtors reported that 2,224 single-family home and 440 condominiums have closed escrow in January-2009. This shows a 126.2% increase in sales from Januray-2008 for Las Vegas homes and 162% increase for condominiums.
Please keep in mind that in most instances escrow time of anywhere from one week to several months should be worked in these statistics, meaning that an offer was made on these homes and was accepted by the seller anytime in January, December, October and longer before the close of escrow. That is why January sales numbers are 11% below the December sales numbers. Homes that have gone under contract in January will show up in February or March sales statistics.
If the explosion in the number of inquires and showings that we have had since January-5th is any indication, the number of homes and condos in Las Vegas that have gone under contract shall easily surpass the January homes and condos sales stats.
Las Vegas commercial real estate is dead as a doornail as investors choose to invest in Las Vegas residential real estate rather than commercial properties, more on this later. An important factor is lack of financing for commercial real estate transactions in Las Vegas, no financing, no deals, done!
Karen has been working at the World Market Center show due to a prior commitment that she couldn’t back out of, so I started to show all kinds of homes and condos, lofts and high rise condos in Las Vegas, North Las Vegas and Henderson to our clients. I also attended the Real Estate Disposition (REDC) auction in Las Vegas last Saturday with a couple of clients, they got outbid by $20,000 on both of their choices. I will write later about REDC auctions.
I have noticed a significant increase in the number of showings and deals lately. Last Saturday when I was showing condos in Manhattan Las Vegas, Newport Lofts and Meridian which is a condominium community within a stones throw of the Bellagio, Caesars’ Palace and CityCenter on the Strip, there were buyers following their Realtors everywhere.
I will get my behind handed to me in search engine rankings in the near future if not already because I have been either too ill or too dead meat to blog. These days I wake up, work until I can hardly keep my eyes open, watch a little TV and go to bed and do it all over again and again and again. I am getting very tired and feel that I am in a time warp and two weeks behind life and can’t catch up.
It seems to me that home sales are picking up in the areas that have declined the most. Also the areas that most of the sales are conforming loans are doing better. Jumbo loans are still a bit tough and are priced at a much higher spread than historical standards. Securitizing is what is lacking and the government is trying to get that started again.
If the mortgage money keeps coming in by the fed, than we should see the market try to get all the home price ranges into gear.
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